I don't recall ever buying expensive photographic items from a private individual on ebay. I often buy from the rest of Europe on ebay, but only from a dealer I can check on their website. Unless you are buying from a dealer you can physically visit, you have to buy remotely and be ready for deals that don't work as expected. I don't see buying from a well-known dealer on ebay any different from buying from their online shop. I recently bought a mis-labelled filter on ebay from a well-known bricks-and-mortar dealer it was returned & refunded without question. I don't call these sort of issues bad experiences - that would be when either party refuses to sort out obvious failings, which hasn't happened to me. The only problem I had was selling a Relleiflex T that I didn't look at hard enough the buyer correctly rejected it because of fungus - I gave a full refund. I have never traded cameras, but quite a few lenses. So for those sellers make sure you educate yourself on this over the next few months so you will be better prepared.I've had few problems buying or selling. You WILL need to report it on your federal tax return, but there are some exceptions for sellers that ONLY sell their personal items. It is simply another piece of paper to deal with.īut those that have not been claiming their internet income as they should have been all along, this will be more problematic for them.Įveryone needs to keep in mind that just because you receive a 1099K next year does not mean that your income is taxable. But for those that have always claimed their income as they should on their federal tax returns, they have no need to be upset over the lower threshold on 1099Ks next year. Your CPA's advice to keep all receipts is a very good one. That is not necessary the actual truth of the matter. You are ASSUMING it was the republicans that kept it out. Mon Dec 20 15:28:45 am glad you recognize the Trump Administration recognized this was not a good option." I did NOT say that. In any case: they are not sending me my money. Now, they are keeping my money - why? The IRS isn't requiring them to submit 1099s for those selling under 10K in 2021. eBay wants to help me by getting ahead of the reporting for 2022ĩ eBay is keeping my money for up to 21 days after I give them my tax ID. They have to make sure they know which bank I am using.Ĩ. I can't have my money until I send them my tax IDħ. This is to get ready for the requirement in 2022Ħ. It's also galling that their agent told me, the more I pressed for an answer given that they don't need this information until 2022, various things.ģ. It's galling that they hold the funds after announcing payment would be made today. The guy told me in nine different ways that I can't have my money until I give eBay my full tax ID - which they have, and which isn't actually required until next year. When the funds no longer appeared as available, I called eBay. I have had the promise of payout of several hundreds of dollars - supposedly, today. Along with keeping the best records they can. These types of sellers need to do their homework on the subject so they know what to do and what to expect. If they get a 1099K they will still have to claim in on their Federal tax return, but that does NOT mean they will owe taxes on it. For those that have not been doing what they were suppose to do all along, they are they ones that have concerns.įor Casual sellers that ONLY sell their own stuff from around the house, there are protections for them in the IRS rules. For those that have always reported their income, they have no concerns about this at all. So really this lower threshold only affects those that have not been doing what they were suppose to be doing in previous years. They were ALWAYS suppose to be reporting their income on their Federal Tax Returns. Let's not forget that for any size seller that sells stuff for a profit. It is ONLY for Marketplaces that have their own money processing programs and for Money Processors like PayPal. This does NOT affect Facebook at least not yet. But with all the info out there, I most certainly could have missed it. I didn't see any articles that Congress said or was even aware of what you stated. If I'm not mistaken, the lowering of the 1099K threshold was on the table during the Trump admin, but they didn't do it then, it came across in the first stimulus plan during the Biden admin. EBay Sends Requests to Sellers for IRS Form W-9
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